The AUD/USD pair holds above 0.6300 after bouncing off the year-to-date (YTD) lows at 0.6270 during the early Asian session on Friday. A modest recove
AUD/USD recovers its recent losses on the softer USD. The preliminary US Q3 GDP rose 4.9%, Continuing claims rose to the highest reading since May. The markets anticipate the potential additional rate hike from the RBA at the November meeting. Investors will focus on Australian PPI, and US monthly core Personal Consumption Expenditures Price Index data.
Yellen also noted that the recent rise in yields is unrelated to deficits and does not portend an oncoming recession. On the contrary, it reflects the US economy's strength. On the Aussie front, Reserve Bank of Australia Governor Michele Bullock commented on Thursday that CPI was a little higher than expected, but it was about where we thought it would come. Bullock added that the central bank aims to slow the economy without tipping it into recession.
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